Vietnam posts trade surplus of US$8.4 billion in first four months

Vietnam achieved a remarkable 15.2% year-on-year growth in trade revenue during the first four months of 2024, totaling US$238.88 billion and generating a trade surplus of $8.4 billion, according to the latest data from the General Department of Vietnam Customs (GDVC).

Processing farm produce for export at DOVECO Gia Lai Company. Photo: Duc Thuy/The Hanoi Times

In April 2024, Vietnam's total import-export turnover reached $61.2 billion, a decrease of 5.2% compared to the previous month. The trade balance in April showed an export surplus of $680 million.

In the first four months of this year, exports reached $123.64 billion, up 15% year on year, while imports reached $115.24 billion, up 15.4%.

In terms of budget revenue, the customs authorities stated that the state budget revenue from import-export activities in April reached VND35 trillion ($1.37 billion), up 4.5% from the previous month.

For the four months of 2024, cumulative state budget revenues from import-export activities reached VND124.7 trillion ($4.9 billion), equivalent to 33.3% of the assigned target, up 0.3% compared to the same period in 2023.

In order to facilitate customs procedures and import-export activities for individuals and companies in general, 100% of basic customs procedures have been automated, and 100% of the Customs Departments implement electronic customs procedures with the participation of 99.65% of businesses.

According to the GDVC, the introduction of electronic customs procedures has led to groundbreaking reforms, with a shift from manual to electronic customs declaration and filing methods.

Customs feedback to businesses is also provided through electronic systems, greatly facilitating import-export activities, reducing documentation, and simplifying customs procedures at all stages, it noted.

The time taken to receive and cleargreen line declarations (the importer is exempted from checking documents and inspecting goods) is only 1-3 seconds. Additionally, the customs sector has supported and collaborated with associations and businesses in providing regular and timely information on customs regulations, laws related to customs procedures, and import-export policies. It has also strengthened training for customs clearance agents to enhance their professional competence, building credibility to attract import-export businesses and increase competitiveness in the region.

In 2024, the GDVC is assigned a state budget revenue target of VND375 trillion ($14.7 billion) by the National Assembly. The budget estimate was based on an estimated GDP growth of 6-6.5% and crude oil prices of $70 per barrel.